Archive | Financial Literacy

If you have a family trust, then chances are that the tax return for that trust is due today. Most trusts have December year-ends and 90 days to file the return. March 31st would be that due date, but, March 31st falls on a Saturday, so the next business day is the due date. Since […]

Vehicle expenses are a common deduction for employees. Some employees receive an allowance for the use of their personal vehicle for business. If this allowance is a flat rate, like $200 a month, then the allowance is taxable. The employee adds the allowance to their income as the allowance will be included on their T4. […]

The most recent budget refined the method that will be used to calculate the additional tax to be paid if you have passive income in an active business. The issue the Federal government has with this passive income in an active business, is that there is more money available to invest, if you are only […]